Chinese Yuan To Take Place of Dollar as Global Reserve Currency?

Yes yes, it may be true, the dollar’s decline from whenever you want to blame it on, whichever president, whichever individual crisis, the dollar has become the ugly chick at the school dance that no one wants to dance with.  According to a high ranking bank official in Russia, to keep up with it’s quick ascendancy after being depeggged from the USD earlier this year.  China has amassed untold trillions in Forex reserves alone, making the currency a lucrative and affordable bet for anyone looking to invest in a currency that is bound to go anywhere except down.

“The Chinese yuan will become a global reserve currency to reflect China’s growing economic clout, Victor Melnikov, deputy head of the Russian central bank , was quoted by the official Xinhua news agency as saying on Wednesday.”   Read More

http://risingpowers.foreignpolicyblogs.com/2009/05/14/focus-on-chinas-currency-and-its-rise/